Revenue has trended upward to $314.2M in 2026Q1, yet net margins remain highly unstable, swinging from -129.8% in 2025Q3 to 9.0% in 2026Q1 due to non-operating charges.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 1.28B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.27B | 1.23B | 685.65M | 416.04M | 550.31M | 669.61M | 628.55M | 684.86M | 558.56M | 477.23M | 573.28M | 673.67M | 646.44M | 542.66M | 424.44M | 320.73M | 248.63M | 281.09M | 263.27M | 220.75M | 188.53M | 148.86M | 7.09M | 84.39M | 53.42M |
| Gross Margin % | 98.83% | 99.16% | 61.01% | 51.02% | 56.94% | 61.11% | 59% | 68.81% | 63.62% | 58.06% | 68.89% | 71.51% | 73.38% | 73.82% | 71.6% | 69.89% | 66.71% | 100% | 100% | 100% | 99.8% | 99.81% | 96.29% | 99.29% | 95.62% |
| Gross Profit Growth % | - | 79.36% | 64.81% | -24.4% | -17.82% | 6.53% | -8.22% | 22.61% | 17.04% | -16.75% | -14.9% | 4.21% | 19.12% | 27.85% | 32.34% | 29% | -11.55% | 6.77% | 19.27% | 17.09% | 26.65% | 1999.18% | -91.6% | 57.96% | - |
| Operating Expenses | 809.34M | 809.06M | 345.92M | 315.54M | 264.51M | 294.61M | 278.85M | 437.18M | 373.3M | 263.5M | 353.53M | 363.33M | 304.37M | 245.13M | 208.39M | 142.71M | 118.77M | 200.48M | 178.44M | 139.56M | 116.53M | 89.26M | -37.8M | 49.93M | 32.46M |
| OpEx % of Revenue | - | 65.23% | 30.78% | 38.69% | 27.37% | 26.89% | 26.17% | 43.92% | 42.52% | 32.06% | 42.48% | 38.57% | 34.55% | 33.35% | 35.15% | 31.1% | 31.87% | 71.32% | 67.78% | 63.22% | 61.69% | 59.85% | -513.26% | 58.75% | 58.1% |
| Selling, General & Admin | 163.53M | 0 | 324.99M | 267.57M | 265.36M | 186.67M | 214.17M | 251.33M | 208.06M | 167.35M | 181.68M | 177.28M | 183.75M | 161.02M | 139.44M | 89.05M | 71.47M | 182.47M | 164.04M | 128.13M | 58.14M | 44.33M | 36.62M | 28.99M | 21.7M |
| SG&A % of Revenue | - | - | 28.92% | 32.81% | 27.45% | 17.04% | 20.1% | 25.25% | 23.7% | 20.36% | 21.83% | 18.82% | 20.86% | 21.9% | 23.52% | 19.4% | 19.18% | 64.91% | 62.31% | 58.04% | 30.78% | 29.73% | 497.25% | 34.11% | 38.84% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 458.11M | 420.74M | 339.73M | 100.49M | 285.8M | 375M | 349.7M | 247.69M | 185.26M | 213.73M | 219.75M | 310.34M | 342.07M | 297.53M | 216.06M | 178.03M | 129.86M | 80.61M | 84.84M | 81.18M | 72M | 59.6M | 44.89M | 34.45M | 20.96M |
| Operating Margin % | 35.72% | 33.92% | 30.23% | 12.32% | 29.57% | 34.22% | 32.82% | 24.89% | 21.1% | 26% | 26.41% | 32.94% | 38.83% | 40.47% | 36.45% | 38.79% | 34.84% | 28.68% | 32.22% | 36.78% | 38.11% | 39.96% | 609.55% | 40.54% | 37.52% |
| Operating Income Growth % | - | 23.84% | 238.07% | -64.84% | -23.79% | 7.23% | 41.19% | 33.7% | -13.32% | -2.74% | -29.19% | -9.27% | 14.97% | 37.71% | 21.36% | 37.09% | 61.1% | -4.98% | 4.5% | 12.76% | 20.8% | 32.77% | 30.29% | 64.36% | - |
| EBITDA | 466.49M | 431.18M | 350.52M | 119.11M | 301.05M | 390.25M | 368.17M | 265.15M | 204.58M | 233.5M | 244.11M | 330.22M | 360.48M | 311.94M | 230.57M | 190.97M | 142.3M | 89.82M | 92.26M | 86.7M | 77.13M | 64.28M | 47.27M | 35.9M | 21.9M |
| EBITDA Margin % | 36.38% | 34.77% | 31.19% | 14.61% | 31.15% | 35.62% | 34.56% | 26.64% | 23.3% | 28.41% | 29.34% | 35.05% | 40.92% | 42.43% | 38.9% | 41.61% | 38.18% | 31.95% | 35.04% | 39.28% | 40.83% | 43.1% | 641.9% | 42.24% | 39.21% |
| EBITDA Growth % | 29.67% | 23.01% | 194.29% | -60.44% | -22.86% | 6% | 38.85% | 29.61% | -12.38% | -4.35% | -26.08% | -8.4% | 15.56% | 35.29% | 20.74% | 34.2% | 58.42% | -2.64% | 6.41% | 12.41% | 19.99% | 35.97% | 31.68% | 63.9% | - |
| D&A (Non-Cash Add-back) | 8.38M | 10.44M | 10.79M | 18.61M | 15.24M | 15.26M | 18.46M | 17.46M | 19.32M | 19.76M | 24.36M | 19.87M | 18.41M | 14.42M | 14.52M | 12.94M | 12.44M | 9.21M | 7.42M | 5.52M | 5.13M | 4.68M | 2.38M | 1.44M | 940.35K |
| EBIT | 77.21M | 8.55M | 198.34M | -8.13M | 155.13M | 250.85M | 207.99M | 261.52M | 213.71M | 184.73M | 212.2M | 317.07M | 336.24M | 297.53M | 216.07M | 178.03M | 129.93M | 80.61M | 84.9M | 81.6M | 72M | 59.6M | 44.89M | 34.45M | 20.96M |
| Net Interest Income | 135.74M | 937.93M | -99.3M | -83.98M | -49.47M | -37.88M | -34.48M | -144.16M | -121.08M | -18.84M | -71.53M | -57.47M | -35.22M | -14.46M | -9.03M | -10.56M | -8.99M | -7.91M | -11.09M | -3.29M | 205.55K | 330.99K | -50.64K | -541.9K | -2.43M |
| Interest Income | 316.35M | 1.19B | -10.57M | -9.22M | 2.23M | 1.09M | 1.01M | 0 | 3.13M | 5.61M | 5.05M | 2.08M | 4K | 3K | 10K | 7K | 65K | 3K | 60K | 419K | 584.09K | 611.49K | 222.72K | 60.17K | 21.55K |
| Interest Expense | 180.6M | 251.79M | 88.73M | 74.76M | 51.7M | 38.96M | 35.5M | 144.16M | 124.21M | 24.45M | 76.57M | 59.55M | 35.23M | 14.47M | 9.04M | 10.57M | 9.05M | 7.91M | 11.15M | 3.7M | 378.55K | 280.5K | 273.36K | 602.07K | 2.45M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -216.08M | -243.24M | 109.61M | -82.89M | 154.78M | 250.33M | 208.94M | 117.36M | 89.5M | 160.27M | 135.63M | 257.52M | 301.01M | 283.06M | 207.03M | 167.46M | 120.88M | 72.7M | 73.75M | 77.9M | 72.21M | 59.93M | 44.84M | 33.91M | 18.54M |
| Pretax Margin % | -16.85% | -19.61% | 9.75% | -10.16% | 16.01% | 22.85% | 19.61% | 11.79% | 10.19% | 19.5% | 16.3% | 27.34% | 34.17% | 38.51% | 34.92% | 36.49% | 32.43% | 25.86% | 28.01% | 35.29% | 38.22% | 40.19% | 608.86% | 39.9% | 33.18% |
| Income Tax | 51.19M | 46.73M | 21.03M | -16.13M | 36.79M | 54.82M | 41.2M | 19.68M | 13.76M | -10.85M | 43.58M | 89.39M | 124.51M | 106.15M | 80.93M | 66.32M | 47M | 28.4M | 28.38M | 29.66M | 27.72M | 23.16M | 17.39M | 13.2M | 1.47M |
| Effective Tax Rate % | -23.69% | -19.21% | 19.19% | 19.46% | 23.77% | 21.9% | 19.72% | 16.77% | 15.38% | -6.77% | 32.13% | 34.71% | 41.36% | 37.5% | 39.09% | 39.6% | 38.89% | 39.06% | 38.49% | 38.07% | 38.38% | 38.64% | 38.78% | 38.92% | 7.95% |
| Net Income | -280.59M | -305.14M | 70.6M | -83.48M | 117.15M | 183.16M | 149.34M | 86.16M | 65.56M | 164.31M | 86.25M | 167.93M | 176.5M | 175.31M | 126.59M | 100.79M | 73.45M | 44.31M | 45.36M | 48.24M | 44.49M | 36.77M | 27.45M | 20.71M | 17.07M |
| Net Margin % | -21.88% | -24.6% | 6.28% | -10.24% | 12.12% | 16.72% | 14.02% | 8.66% | 7.47% | 19.99% | 10.37% | 17.83% | 20.04% | 23.85% | 21.36% | 21.96% | 19.71% | 15.76% | 17.23% | 21.85% | 23.55% | 24.66% | 372.75% | 24.37% | 30.54% |
| Net Income Growth % | -496.4% | -532.21% | 184.58% | -171.26% | -36.04% | 22.65% | 73.33% | 31.41% | -60.1% | 90.5% | -48.64% | -4.86% | 0.68% | 38.49% | 25.6% | 37.22% | 65.79% | -2.33% | -5.97% | 8.43% | 20.99% | 33.95% | 32.53% | 21.38% | - |
| Net Income (Continuing) | -267.27M | -289.97M | 88.57M | -66.75M | 118M | 195.51M | 167.74M | 97.68M | 75.73M | 171.13M | 92.05M | 168.13M | 176.5M | 176.92M | 126.1M | 101.14M | 73.87M | 44.31M | 45.36M | 48.24M | 44.49M | 36.77M | 27.45M | 20.71M | 17.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 66.27M | 60.11M | 58.58M | 72.26M | 59.09M | 38.49M | 31.61M | 57.63M | 28.85M | 50.16M | 52.86M | 39.25M | 0 | 0 | 0 | 17.83M | 14.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.29 | -7.79 | 1.79 | -2.13 | 2.94 | 4.04 | 3.26 | 1.89 | 1.44 | 3.54 | 1.83 | 3.47 | 3.50 | 3.45 | 2.46 | 1.95 | 1.45 | 0.96 | 0.99 | 1.02 | 0.92 | 0.76 | 0.58 | 0.44 | 0.31 |
| EPS Growth % | -499.51% | -535.2% | 184.04% | -172.45% | -27.23% | 23.93% | 72.49% | 31.25% | -59.32% | 93.44% | -47.26% | -0.86% | 1.45% | 40.24% | 26.15% | 34.48% | 51.04% | -3.03% | -2.94% | 10.87% | 21.05% | 31.03% | 31.82% | 41.94% | - |
| EPS (Basic) | - | -7.79 | 1.79 | -2.13 | 2.96 | 4.07 | 3.28 | 1.90 | 1.45 | 3.55 | 1.84 | 3.49 | 3.53 | 3.48 | 2.48 | 1.96 | 1.46 | 0.96 | 0.99 | 1.03 | 0.93 | 0.78 | 0.60 | 0.47 | 0.36 |
| Diluted Shares Outstanding | 38.51M | 39.17M | 39.54M | 39.18M | 39.89M | 45.33M | 45.86M | 45.58M | 45.41M | 45.82M | 46.39M | 48.41M | 50.42M | 50.87M | 51.37M | 51.69M | 50.66M | 46.36M | 45.88M | 47.34M | 48.25M | 48.45M | 47.56M | 47.14M | 36.2M |
| Basic Shares Outstanding | 38.37M | 39.17M | 39.38M | 39.18M | 39.64M | 44.96M | 45.54M | 45.39M | 45.28M | 45.67M | 46.32M | 48.13M | 49.99M | 50.37M | 50.99M | 51.33M | 50.46M | 46.26M | 45.69M | 46.94M | 47.73M | 46.93M | 46.07M | 43.64M | 31.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 33.31% | - | - | - | - | 32.52% |
Portfolio Impairment Volatility
According to the provided quarterly data, PRAA has demonstrated a consistent upward revenue trajectory, growing from $223.3M in 2023Q4 to $314.2M by 2026Q1, though this top-line momentum appears decoupled from the company's ability to maintain stable net profitability across the same reporting periods.
The revenue growth suggests that the firm is successfully acquiring and processing larger volumes of non-performing loan portfolios. However, investors should monitor whether this expansion is driven by aggressive bidding in competitive auctions, which may ultimately compress the long-term yield on these assets.
As reported in financial statements, PRAA's net margin profile has exhibited extreme volatility, swinging from a negative 129.8% in 2025Q3 to a positive 9.0% in 2026Q1, indicating that the company's bottom line is highly sensitive to non-operating charges and portfolio revaluation adjustments.
The wide variance in net margins suggests that the firm's core profitability is frequently obscured by accounting impairments or significant fluctuations in debt servicing costs. This lack of margin consistency makes it difficult to ascertain the true underlying earnings power of the collection business.
Based on the income statement data, the company's operating income has shown significant instability, with a dramatic collapse to -$315.5M in 2025Q3, which suggests that the firm's fixed-cost structure is not scaling efficiently against the revenue base during periods of portfolio underperformance.
The inability to maintain positive operating margins during specific quarters implies that the high fixed costs associated with legal and collection infrastructure may be a liability when collection targets are missed. Analysts should investigate whether the current operating leverage is sufficient to support future growth without further margin erosion.
Analysis of the reported figures reveals that EPS has fluctuated wildly, ranging from a loss of $10.43 in 2025Q3 to a gain of $1.46 in 2025Q4, highlighting that net income is heavily influenced by non-recurring items rather than steady-state operational cash generation.
The frequent use of stock-based compensation, while relatively modest, adds another layer of complexity to the earnings quality assessment. Investors should be cautious of relying on GAAP net income as a proxy for performance, given the heavy reliance on management's subjective estimates of future collection values.
Data from recent filings suggests that the firm's reliance on subjective portfolio valuations creates a significant risk, as any downward revision in expected collections could lead to further non-cash impairments that would severely impact the company's reported net income and overall financial stability.
Short-sellers may focus on the disconnect between the company's revenue growth and its inability to consistently generate positive net income. The potential for further portfolio write-downs remains a primary concern that could undermine the current valuation and long-term solvency of the firm.
Quick answers to the most common questions about buying PRAA stock.
PRA Group, Inc. (PRAA) reported a net loss of $305.1M for the fiscal year ending 2025.
PRA Group, Inc. (PRAA) reported an operating income of $420.7M, resulting in an operating profit margin of 33.9%. This margin reflects the operational efficiency of the business before interest and taxes.
PRA Group, Inc. (PRAA) generated $1.23B in gross profit for the year, representing a gross profit margin of 99.2%. This demonstrates the company's core pricing power and production efficiency.